- (1.) Challenging reassessment notice dated 28.3.2005 under Section 148 of the Income Tax Act, 1961 for the Assessment Year 1998- 99, present writ petition has been filed. The petitioner is a Doctor by profession. He disclosed certain income under Voluntary Discloser Income Scheme (VDIS), 1997. He also disclosed Gold ornaments weighing 1475.100 gms. The disclosure made by the petitioner was accepted by the Department. Subsequently the said Jewellery was sold on 4.2.1998 through M/s Bishan Chand Mukesh Kumar for Rs. 5,31,036.00 and sale consideration was received by demand draft.
(2.) The assessment proceeding of the petitioner was completed under Section 143(3) of the Income Tax Act. Thereafter, the Department sought to initiate reassessment proceedings on the ground that the person namely M/s Bishan Chand Mukesh Kumar through whom Jewellery was sold was assessed by the Income Tax Department and it was found that the said party through whom the ornaments were sold indulged in fake sales/purchases transactions of ornaments. Copy of the assessment order of M/s Bishan Chand Mukesh Kumar has been annexed as Annexure 12 to the writ petition.
(3.) In view of the facts as found in the assessment order of M/s. Bishan Chand Mukesh Kumar,. notice under Section 148 was issued.;